Day: June 12, 2020

Last Time Bitcoin Saw This Structure, It Surged 40%. It’s About to Happen Again

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While history never repeats, history often rhymes for the Bitcoin market. Each of the asset’s market cycles seems to have periods of eerily familiar price action, marked by common chart formations and technical signals that appear time and time again. This allows analysts to predict what comes next by looking at the past. An analyst recently observed that a chart formation that historically led to a breakout has formed once again, boding well for the Bitcoin bull case. Bitcoin Bulls Are Still in Control On June 11th, Bitcoin failed to…

Wilshire Phoenix Files With SEC for Publicly Traded Bitcoin-Backed Fund

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Investment firm Wilshire Phoenix has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, or SEC, for a publicly traded Bitcoin fund in line with regulation. “The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin.” Wilshire’s new Bitcoin Commodity Trust aims to have its shares available for public trading on OTC Markets Group, Inc.’s OTCQX Best Marketplace. Once issued, “shares of the trust can be bought…

South Korean Experts Say Crypto Is a Poor Safe-Haven Asset

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On June 11, South Korean experts stated through local media that cryptocurrencies are a “poor choice” of safe-haven assets during the COVID-19 pandemic. According to The Scoop, Professor Hong Ki-hoon of Hongik University stated that crypto-assets like Bitcoin (BTC) should not be considered as “safe-haven assets,” at the level of Gold, dollars, or even the U.S. Treasury bonds. He does not deny, however, that volatility in the financial markets is causing more money to accumulate in the crypto market. Cryptos are not safe from the Pandemic Hong, from the Business…

Coinsquare CEO Accused of Orchestrating Wash Trades

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In the latest blow to the embattled Canadian cryptocurrency exchange Coinsquare, reports are accusing the platform’s top executive of orchestrating a wash-trading scheme in clear violation of securities law. Wash-trading refers to an exchange artificially inflating its trade volume through executing larger zero-fee market trades into their own orders, creating the appearance of large trading activity without any assets changing hands. The practice is illegal in traditional asset markets due to its propensity for price manipulation. The accusations levied at Coinsquare were reported by Vice on June 13, with the…

‘Bitcoin Is a High-Tech Cry for Help’

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In an interview with the Center for Natural and Artificial Intelligence, Forbes Inc chairman Steve Forbes weighed in on cryptocurrency and the future of money. Forbes described cryptocurrencies as a “high-tech cry for help” borne from “the instability of government-printed money today.” Crypto too volatile for currency Forbes criticized the volatility of crypto assets, describing Bitcoin (BTC) as looking like “steak” one day, and “dog food” the next. Contrary to many crypto supporters, Forbes took aim at the hard cap on Bitcoin’s supply, stating that many within the virtual currency…

Bitcoin Price Volatility Expected as 10% Mining Difficulty Adjustment Looms

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Bitcoin’s mining difficulty is set for a minimum increase of 10% in the 3 days, according to data from BTC.com. That means the cost to mine Bitcoin(BTC) will increase significantly in a short period of time.  This is significant as the increased operational cost to miners could pressure them to sell more BTC to offset the rise in expenses. The Bitcoin network is divided into three groups: users, developers, and miners. Users operate nodes to distribute information, miners use computing power to process data, and developers maintain the prosperity of…

Venezuelan Petro Payments May Be on the Rise

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The Venezuelan government announced on June 11 that almost 15% of all fuel payments at petrol stations across the country were made using the Petro (PTR). This rise comes during the first week of the new state-backed plan to promote widespread use of the token. According to a report from Ultimas Noticias, 40% of the PTR transactions passed through the foreign stations. Balancing Venezuela’s crypto environment? The blog Geopolítica Coyuntural says that Petro adoption will strengthen the balance and the homologation of value between the primary and secondary market, “allowing…

Blockchain Firm Pitches CBDC Operating System to Bank of England

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United Kingdom-based blockchain firm L3COS has submitted a proposal to the Bank of England, or BoE, for a blockchain-based operating system to power a central bank-issued digital currency, or CBDC. L3COS described the proposal as a response to the consultation document on CBDC published by BoE in March — which identified several benefits and challenges associated with central bank virtual currencies and invited feedback from technology providers, financial institutions, and academics. Blockchain firm pitches CBDC system to BoE In an article published by U.K.-based outlet Verdict on June 12, L3COS…

Dead Men Face No Charges, June 6-12

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Editor’s note:  These are times strange enough that every conversation seems to include some verbal acknowledgment like “strange times, huh?” A quasi-anarchist police-free leftist separatist bubble has formed and is growing on Seattle’s Capitol Hill — a sentence that resembles a David Foster Wallace plot more than anything I ever anticipated treating as news.  Both India and Russia have been hemming and hawing over long-discussed crypto bans, while the latter will be voting on controversial constitutional amendments allowing Vladimir Putin to extend his already 20-year term as president of the…

Investor Claims There’s No Way to Cash Out From Grayscale’s Bitcoin Trust

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Qiao Wang — Investor, analyst and head of product at crypto market data firm Messari — raised major criticism about the way in which the Grayscale Bitcoin Trust, or GBTC, is set up. In a June 11 tweet, Wang cites Grayscale’s official website, according to which “Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time.” He suggested that the absence of a redemption mechanism can result in GBTC trading at a discount compared to the net asset value, or NAV, of…

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